Fluor Corporation (NYSE:FLR) lost ground in Friday’s first hour, on quarterly numbers released Friday.
Results for 2019 were a net loss from continuing operations of $1.7 billion, or $11.97 per diluted share, compared to earnings from continuing operations of $9 million, or $0.07 per share for 2018.
The net loss attributable to Fluor includes impairment, restructuring and other exit costs of $533 million, expenses of $138 million related to the settlement of the U.K. pension plan and $731 million related to establishing valuation allowances to reduce net deferred tax assets.
Consolidated segment loss for the year was $386 million compared to a profit of $323 million in 2018. Revenue of $14.3 billion in 2019 from continuing operations compares to $15.2 billion in the prior year.
Full-year new awards from continuing operations and government were $12.6 billion, and ending consolidated backlog was $31.9 billion. Corporate G&A expenses for 2019 were $159 million, up from $118 million a year ago primarily due to the effects of foreign transactional gains and losses.
Fluor’s cash and marketable securities at the end of 2019 was $2.0 billion. During 2019, Fluor paid $118 million in dividends.
According to Friday’s news release, "In September 2019, Fluor announced actions intended to drive improved cash generation and de-risk the portfolio. The company has sold portions of its equipment rental business and continues to progress on transacting AMECO, public-private partnership assets and excess real estate.
"In addition, the company has suspended its dividend and remains on track to realize at least $100 million in annual savings by the end of the year."
FLR dipped 49 cents, or 5.2%, to $8.86.
